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Moody's upgrades ratings for Wyeth
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NEW YORK - Moody's Investors Service upgraded the senior unsecured ratings of Wyeth, citing the execution of an outstanding bonds agreement with Wyeth.
Moody's upgraded the rating to A1 from A3, both of which are upper medium-level investment grade. Moody's said the outlook for Wyeth is stable.
"The upgrade of Wyeth's ratings is based on the execution of an unconditional and irrevocable guarantee of Wyeth's outstanding bonds from Pfizer," Moody's said, in a statement.
On Oct. 15, Pfizer Inc. completed its $68 billion buyout of rival Wyeth.
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